Lord & Taylor -- the first department store established in the United States -- is officially going out of business, ending a nearly 200-year-run.
The company announced Thursday that all of its 38 remaining stores and website have begun liquidation sales — a sharp reversal from last week's decision that it was keeping 14 locations open.
"While we are still entertaining various opportunities, we believe it is prudent to simultaneously put the remainder of the stores into liquidation to maximize value of inventory for the estate while pursuing options for the company's brands," Ed Kremer, Lord & Taylor's chief restructuring officer, said in a statement.
Backstory: The company was once a mainstay of high-end fashion. Hudson's Bay Company acquired Lord & Taylor in 2012 before selling it in 2019 to Le Tote, Inc., a fashion rental subscription service, for $75 million. Le Tote tried reviving the brand with a pop-up store in New York City and remodeling its remaining stores with a focus on technology.